Content and data provided by various third parties and Fidelity - Terms of Use
Print.Print
Small font size A Larger text size A Largest text size A

What's Going On With Bitcoin-Miner CleanSpark's Stock?

BY Benzinga | ECONOMIC | 09/19/24 01:14 PM EDT

CleanSpark, Inc. (CLSK) shares are trading higher Thursday amid strength in Bitcoin as investors digest the first interest rate cut from the Federal Reserve in four years.

The Details: CleanSpark (CLSK) shares are climbing amid a broad market rally as investors digest the Fed's interest rate cut which marked the first in more than four years. Lower interest rates increase the attractiveness of risk assets like stocks and cryptocurrencies. 

Bitcoin (CRYPTO: BTC) is trading above the $63,000 level Thursday and saw increased trading following the Federal Reserve’s surprise decision, which exceeded the anticipated 25 basis point cut. 

Read Next: What Happened With SoFi Stock Today?

"These markets should benefit from the formalization of the Fed’s dovish shift. Our long-term investment thesis for Bitcoin remains intact, and regardless of the near-term direction of monetary policy, BTC is well-positioned for growth as institutional adoption continues to gain momentum," Hashdex’s CIO Samir Kerbage wrote in a note sent to Benzinga.

CLSK Stock Prediction 2024:

Cleanspark’s revenue growth in FY23 was 20.22%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.

Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.2%, growing 1.7% from last year. The unemployment rate was most recently reported as 4.2%.

An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Cleanspark (CLSK) stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.

How does this stack up against Cleanspark's (CLSK) peers?

Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Cleanspark (CLSK) operates in the Information Technology sector. The stock has experienced average annual growth of -6.81% compared to the -16.0% average of its peer companies. This is below the broader sector movement of Cleanspark (CLSK).

CLSK Price Action: According to Benzinga Pro, CleanSpark (CLSK) shares are up 7.27% at $9.48 at the time of publication Thursday.?

Read Also:

  • What’s Going On With Carnival Stock?

Image: Roy Buri from Pixabay

More Fixed Income News

All Fixed Income News

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

© 1998 – 2014 FMR LLC.

All rights reserved.
fir_news_article